In addition to the retirement pension credit you earn from your City of Tallahassee employment, you may be able to purchase additional service credit and have it included in your pension. Below are types of service available for credit.
Prior City Refunded Service
You must be employed with the City in a permanent position for at least 2 full years. It is calculated at 8% interest on the refunded amount from the date of refund.
However, Police Officers and Firefighters may purchase prior city refunded service within the first 90 days of employment; otherwise they will have to wait at least two full years.
Prior Permanent City (Pre-Pension) Service
You may purchase City service that was previously counted for eligibility purposes, but not pension credit. You must be reemployed or employed with the City in a permanent position for at least 2 full years. It is calculated at 7% of your first full calendar year of City salary (no earlier than 1973) for each year to be purchased, plus 8% interest compounded annually from the first day of the year used for salary.
Wartime Military Service
You must have 5 years of City pension service to purchase up to five years of pension credit for wartime military service. Your military service being purchased cannot be claimed for retirement eligibility under any other plan. It is calculated at 7% of your first full year calendar year of City salary (no earlier than 1973) for each year purchased, plus 8% interest compounded annually from the first day of the year used for salary. A 2% accrual will be purchased for each year.
Non-Wartime/Out-of-City Public Service
You must have 5 years of City service to purchase up to five years of pension credit for combined non-wartime and out-of-city public service. Your military or out-of-city public service cannot be claimed for retirement eligibility under any other plan. A 2% accrual will be purchased for each year.
Important Information Regarding Buyback
1) Amounts quoted by our the Retirement Office are accurate through September 30th of each year.
2) Each October 1, eight percent interest will be added to your amount due.
3) You have the ability to save towards the purchase of this service on a pre-tax
basis through the City's MAP 401(k) and RSVP 457 plans.
4) Although you have until September 30th to pay the amount due without incurring additional interest, if you are purchasing your service through a rollover from MAP 401(k) or RSVP 457 plans, the paperwork must be completed, signed and in our office no later than August 16th to ensure the rollover is received in our office on or before September 30th.
5) You have until your date of retirement to purchase any additional service.
Once your retirement is final or you enter DROP, you will no longer be
entitled to exercise this option.
Frequently Used Forms & Publications
Below you will find the most frequently accessed forms and publications related to the BuyBack Program, however all forms and publications are located at Forms and Publications.
For a BuyBack Estimate please contact the Retirement Office
(To request a formal estimate of the cost to purchase service credits for one or more of these)